Harbor Freight, and others sell adapters that fit on common motor shafts and will accept grinding or buffing wheels. I would get a 3-wire extension cord and rewire the motor with the ground wire of the cord fastened to the frame of the motor. The ground wire is usually, BUT NOT ALWAYS, green. When in doubt, pin out the UNPLUGGED cord with an ohmmeter or continuity tester to be sure. 1/4 hp on the tag probably means 1/8 at the shaft unless is is a very old one built in USA. Probably good for nothing bigger than 6" OD wheels but still useful.
I have a few of them in my gunshop with wire wheels and small buffing wheels I use occasionally when I don't want to change grits on the big units. Mounted on plywood with an edge-mounted 2x4 glued and screwed underneath. I clamp the 2x4 in a vise to hold the unit.
I have a trash-picked 3/4 HP motor on my South Bend 9" lathe that works fine.
Recycle more than old cars.

If the garage gets hot in the summer, the fan idea sounds good... have it at the opposite end of the door (usually back) with the louver kind of vents and back the fan up to that with a screen on both sides; to keep birds out and to keep kids playing in the rafters from getting wounded.

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